To hold 22.02 per cent stake post completion of the proposed transaction
Cipla has agreed to acquire an additional stake in digital tech company GoApptiv for Rs. 25.90 crore, increasing its total stake to 22.02 per cent on a fully diluted basis. The investment will be made in equity shares and Compulsorily Convertible Preference Shares. It had earlier invested in the company in June 2020 and has yielded growth and expanded Cipla’s channel reach across lower-tier towns in India.
The investment will be made in equity shares and Compulsorily Convertible Preference Shares and is likely to be completed within 30 days or such other date mutually agreed between the parties and shall be subject to fulfilment of necessary closing conditions.
The company’s earlier investment in GoApptiv in June 2020 has yielded growth and expanded Cipla’s channel reach across lower tier towns in India.
Umang Vohra, MD and Global CEO, Cipla said, “This investment will further strengthen our partnership with GoApptiv enabling wider patient reach with affordable and quality drugs and end-to-end brand marketing and channel engagement across tier II to VI towns in India. ‘Caring for Life’ is at the heart of what we do and will guide us towards making such strategic investments to help make a difference in the lives of our patients.”
